Coldwell Banker Seaside Realty Welcomes Janice Soto

Posted on March 12, 2012 by Gordon Jones

Coldwell Banker Seaside Realty is pleased to announce the addition of Janice Soto as the Broker-in-Charge of the Elizabeth City office.

Janice has a terrific background in sales and management. She most recently was the BIC of Portfolio Real Estate in Elizabeth City. She relocated to the Outer Banks from Winchester, Virginia where she worked with ERA Oak Crest Realty as an agent & Sales Manager. Licensed for over 17 years, she holds the GRI, CRS & ABR designations, along with her recent GREEN designation. She was also the past president of the Blue Ridge Association of Realtors.

Janice lives in Powell’s Point with her “sweetheart” Brian. She has 2 children and one adorable granddaughter. She can be reached at Janice@seasiderealty.com, by phone (252) 207-7111 or at the Elizabeth City office (252) 384-0566.

Warren Buffet says “I’d Buy Up a Couple Hundred Thousand’ Homes”

Posted on March 7, 2012 by Gordon Jones

Via REALTORMag…

Warren Buffett, the billionaire investor and Berkshire Hathaway CEO, said on CNBC’s “Squawk Box” recently that he’d “buy up a couple hundred thousand” single-family homes if it was practical.

Buffett said that’s because he believes purchasing a home with ultra-low mortgage rates and holding it for the long-term has become a better investment than stocks right now.

“Housing will come back, you can be sure of that,” Buffett wrote in his annual letter to shareholders recently.

Buffett forecasts an increase in household formations, as more people who moved in with their parents or family members during the recession look to move out and get their own home soon.

“People may postpone hitching up during uncertain times, but eventually hormones take over. And while ‘doubling-up” may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure,” Buffett said.

Buffett said the recovery in the housing market could vary quite a bit among local housing markets, however. He did not provide a timeline of when he expected a full housing recovery, admitting that his prediction last year that a housing recovery will take shape within the year turned out to be “dead wrong.”

A Tour of 4164 Dowdy Lane

Posted on March 5, 2012 by Gordon Jones

Recently we posted a blog introducing Simply Sale’s new listing at 4164 Dowdy Lane in Kitty Hawk. BJ and Sarah would like to give an insider tour of this gorgeous waterfront property.

This one-of-a-kind property located on the west side of Kitty Hawk in the beautiful Kitty Hawk Landing neighborhood, cannot be compared. Designed by the owner to take full advantage of the unique site, views and natural environment, this is an architect’s home. This lot offers direct water access to the sounds with a private dock on Avery Pond.

Outer Banks Featured Home: Olde Colony Drive, Edenton

Posted on February 23, 2012 by Gordon Jones

100 Olde Colony Drive, Edenton

This is a fabulous home in Edenton for the price and won’t last long on the market! Located in a quite community that features a clubhouse & pool for those summer days.

This beautiful home offers four bedrooms, three baths, hardwood floors, new neutral carpet and paint, vinyl fenced back-yard, all new lighting fixtures, a totally renovated master bath with carrera marble counter, two fireplaces, newer appliances, quartz countertops, his and hers large separate closets, fully fenced and gated back yard, large covered back porch & so much more! Even a home warranty is included!

For more information on this property, contact Deborah Richards with our Elizabeth City office.

Outer Banks Real Estate Update: Video Market Report – February 22, 2012

Posted on February 22, 2012 by Gordon Jones

Coldwell Banker Seaside Realty

Hi y’all.

It’s Gordon Jones with Coldwell Banker Seaside Realty here on the Outer Banks with an OBX real estate update for you.

I’ve committed to myself to bring a monthly market report to y’all to add my voice (and video ) to the real estate discussion here on the Outer Banks. So, please stay tuned for continued updates.

For my initial update, I’m going to focus on some data from January, and I’m happy to say that it’s been a pretty remarkable January. 2012 is definitely off to a great start here on the Outer Banks.

January is typically a slow period for real estate sales. The spring is usually when sales start to pick up, but that’s not the case this year.

In January, sales for Outer Banks real estate were up 7% and under contracts were up a whopping 38% over 2011. These are significant numbers considering that this is a slow time of year. If these trends continue, it should be a fantastic year for OBX real estate.

We are also seeing the inventory decline which is positive news from a supply and demand perspective. Distressed properties (foreclosures, short sales, and bank owned) are still making an impact at 31% of sales, but the trend line is moving down with an 8% decline from 2011.

So, what do these numbers mean? Well, these trends seem to indicate that it is a good time to sell your home if it is priced correctly. Pricing is always key. But it’s very positive to see this growth. And from a buyers standpoint, I would suggest that you make your offers a bit more competitive because you know there will be competition out there looking over your shoulder.

Thanks for tuning in. I’m looking forward to sharing my thoughts with you each month. Please join the conversation. If you have any thoughts or questions, please leave a comment, and I’ll be happy to share my thoughts.

Thanks,
Gordon Jones
President - Coldwell Banker Seaside Realty

Tiny Changes Can Go a Long Way When Selling Your Home

Posted on February 20, 2012 by Gordon Jones

ColdwellBanker.com gives us some helpful hints and simple tasks to consider when selling a home…

Selling a home can seem like a tedious task and it’s common for homeowners to feel discouraged if their home doesn’t sell right away. But the truth is, image is everything and making small changes to spruce up a property can make a home much more appealing to the general public.

After a home has been inspected, scrubbed down and ready to go on the market, consider a few helpful tips that may make the home more attractive.

Clean up the outside

First impressions can be the difference between a successful open house and limited buyer attention. Clean up and landscape the outside. Plant a colorful flower bed. Replace old house numbers with new, shiny placards. Removing clutter and presenting a neat, clean outside can make the home seem more inviting to potential buyers, according to MainStreet.com. Homeowners who have the budget may also go above and beyond by installing a new door or painting the current one to add a splash of color and appeal to the home.

Replace old appliances and freshen features

When buyers walk into a home, they may immediately try to see themselves living in that space. When a house has old cabinets, counters and tiles, it can make the space seem more outdated than it really is. Although purchasing new fixtures and tiles can be an investment, it may be one worth making in order to attract more potential buyers. In addition, removing old appliances or storing them below in cabinets can also make rooms, such as kitchens and dining areas, appear more fresh-faced and modern.

A coat of paint can also go a long way in livening up a home or a particular room, and the right color can make certain smaller rooms appear more spacious and inviting. Most real estate agents agree that neutral and light or bright colors can make a room stand out while still giving it a fresh and clean appearance.

De-clutter the house

Over the years, homeowners accumulate new furniture, pictures, keepsakes and family heirlooms. And while these treasures make existing homeowners feel comfortable, they can make a home appear smaller and cluttered. For this reason, sellers should consider boxing up items they do not currently use and adding more space to their living area. A few accent pieces can be sufficient in making the place feel homey without infringing on the living space.

Builders are Feeling More Optimistic

Posted on February 17, 2012 by Gordon Jones

REALTORMag reports that for the fifth straight month, builders are more optimistic in the single-family home market. Here’s what they had to say…

Signs are improving in the new-home market and builders are feeling more optimistic about where the real estate market is heading, after coming off last year’s worst year on record for new home construction.

For the fifth consecutive month, builder confidence in the single-family home market increased in February, reaching its highest level in four years.

“Builder confidence has doubled since September,” says Barry Rutenberg, chairman of the National Association of Home Builders. “Given the recent improvements in new home starts and the increasing number of markets included in the NAHB/First American Improving Market Index, this consistency suggests that the housing market is moving toward more sustainable growth.”

While the jumps in builder confidence have been an encouraging sign for the industry, housing experts warn that confidence is still historically low, and that foreclosures, low appraisals, and more stringent credit standards continue to hamper the new-home market’s full recovery.

By Melissa Dittmann Tracey, REALTOR® Magazine Daily News

Outer Banks Featured Home: S Old Oregon Inlet Road, Nags Head

Posted on February 16, 2012 by Gordon Jones

You will fall in love with this bright, cheery 4 bedroom, 3 bath home, located at 8630 S Old Oregon Inlet Road, that features panoramic ocean views, in convenient South Nags Head just before MP 18.

With a great beach access directly across the street and unbelievable sunsets over the marsh and bay that can be viewed from the hot tub on the 2nd level decking or on the top level screened porch or sun deck, this home instantly gives you the “Island Feeling” of the southern Outer Banks.

This cozy home offers a natural setting in South Nags Head nestled between the Pea Island National Wildlife Preserve and the Atlantic Ocean. South Nags Head is located off the beaten track with no highways. You are close to historic lighthouses, world class deep sea fishing, watersports, outlet shopping, and restaurants. It is also just a short drive to the Lost Colony Outdoor Drama and Historic Roanoke Island complete with the North Carolina Aquarium. You will find bike paths from this house all through the area.

This property has been well maintained and the VIEWS will take your breath away! The large backyard is great for grilling out and there is a side fenced in yard as well. Under the carport you will also find a large storage room perfect for your beach gear.

For more information on this property, please contact Heather Sakers with Coldwell Banker Seaside Realty.

Seven Staging Secrets from a Pro

Posted on February 15, 2012 by Gordon Jones

This recent post from Coldwell Banker’s Blue Matter gives us some inside scoop on staging homes for sale like a pro. Here are seven tips to help boost your home’s appeal and give homeowners a competitive edge when placing homes on the market.

Stage rooms with one purpose. Rooms that have many uses can confuse or even deter homebuyers, so staging rooms with one purpose is vital. Determine who your most likely target market will be, whether it’s young professionals with no kids, families, or even empty nesters. Then present your areas to fit their needs. If you’ve been using a room as a guest room/kids playroom/home office, pick the one use that best suits your buyers.
Tackle the easy “do-it-yourself” projects. Spruce up your home by updating kitchen and bathroom fixtures and updating cabinet hardware. Add a fresh coat of paint in a neutral palate that won’t distract from your home’s features.
A fresh coat of neutral paint goes a long way
Focus on the living areas. Potential buyers should envision themselves entertaining friends and family in the living areas of the home. Make sure those areas feel as spacious as possible by removing any unnecessary furniture to allow for easy traffic flow.
Make sure the master bedroom appeals to both sexes. Remember that the master bedroom is a room that a couple will be sharing, so the décor should appeal to both sexes. It should feel like a calm and peaceful refuge, not a frilly boudoir. Remove any feature that seems too gender-specific and paint the walls a neutral colour.
De-clutter & depersonalize. Buyers want to picture their family living in a home, not the previous owners. You’re going to be moving anyway, so start now by packing away family photos, personal mementos knickknacks. Store away valuables under lock and key. Some property owners find they need to store some of their belongings off premises to create an open feel.
Furnish the home, but don’t overdo it. While an empty house may look spacious, it’s often hard for buyers to visualize their belongings in a home if they’re just looking at bare walls and floors. Leave the basic components that allow the viewer to define each room.
Don’t forget the outside spaces. First impressions can play a key role in a consumer’s decision-making process, so don’t neglect your home’s curb appeal. Make sure the home’s exterior is inviting by trimming the bushes, mowing the lawn and painting faded window trim. Buyers will appreciate the seller’s efforts with the yard work, and will tend to assume that the same attention to detail has been devoted throughout the property.

Outer Banks Real Estate Update: The “Seaside Report” – 2.14.12

Posted on February 15, 2012 by Gordon Jones

The Seaside Report

The main economic driver on the Outer Banks is real estate. Yet, the OBX does not have an in-depth report analyzing the full spectrum of real estate on the Outer Banks – residential & commercial sales, distressed properties (foreclosures & bank-owned), and current vacation rental trends.

To meet this need for a detailed analysis of the current Outer Banks real estate market, including the often ignored but incredibly important vacation rental market, we have created the monthly “Seaside Report.”

We have combined the forces of both sides of our business – Outer Banks real estate sales with Coldwell Banker Seaside Realty & OBX vacation rentals with Seaside Vacations – to bring you the first report to offer a comprehensive view of the OBX real estate market – real estate sales & vacation rentals.

Please keep in mind that there is a lag time between “real time” and data collection/reporting. As a result, the information will be as close to “real time” as possible, but the data will be based in the past by a couple weeks at least. I will indicate the corresponding date/timeliness for each section of data.

As always, we appreciate your input, and we encourage you to leave your comments below. We are happy to address any questions you may have, and we are always interested in suggestions for improvement.

Outer Banks Real Estate Sales
(Data Source: OBAR)

January 2012 OBX MLS Data:

2012 is off to a great start for Outer Banks real estate. January is typically a slow period for real estate, but the OBX market has been anything but slow in January 2012.

The total number of sales in January was up 17% over January 2011.
Under Contracts were up by 38% from January 2011.
January sales ran the gamut from $20k (land) to $1.6 million (KDH oceanfront).

YTD Sales Residential

Up 13% (94 units vs 83 units)
Land – Up 13% (17 units vs 15 units)
Commercial – up 100% (2 units vs 1 unit)

YTD Under Contract

Residential – Up 32% (144 units vs 109 units)
Land – Up 43% (33 units vs 23 units)
Commercial – Up 500% (6 units vs 1 unit)

Distressed Sales: (Distressed = Bank Owned and Short Sales)
Of the 347 new listings in January, 22 were potential short sales & 42 were bank owned. Sold distressed sales data for the month:

	Total Sold	Bank Owned	Short Sale	% Distressed
January	113	20	16	32%

4th Quarter 2011 OBX MLS Data

Summary – Overall, 2011 ended on a flat note with total sales down by approximately 1% and under contract listings down by 1%. However, there has been a notable decline in the median sale price of single family homes and condos. When comparing the yearly median sale prices there has been a 6 % decline in the price for single family homes and a 10% decline in the price for condominiums. Additionally, when looking at the 5 year trend in median sales prices there has been a 24% decline in single family home prices and a 41% decline in condominiums.

Median Sales Price
	2006	2007	2008	2009	2010	2011
Single Family Homes	$416,833	$383,599	$352,607	$319,500	$334,795	$316,269
Percent Change	-10%	-8%	-8%	-9%	5%	-6%
Condos	$335,642	$278,291	$325,260	$278,252	$218,031	$195,968
Percent Change	8%	-17%	17%	-22%	-22%	-10%

2011 Sales End-of-Year Breakdown

Residential: Down 3% (1315 units vs. 1374 units)
Land: Up 15% (323 units vs. 282 units)
Commercial: Up 92% (25 units vs. 13 units)

Year-End Sale Price Range: The best selling residential properties fell into the $200K to $299K range.

Price Range	$0 – 99K	$100 – 199K	$200 – 299K	$300 – 399K	$400 – 499K	$500 – 599K	$600 – 699K	$800 – 999K	> $1M
Units Sold	81	302	328	219	117	88	88	49	55
Average Days on Market	168	191	208	267	270	264	260	302	308

Inventory: The majority of the current active residential listings fall in the following price ranges:

Price Range	Number of Listings	Price Range	Number of Listings
$1 – $99,999K	73	$600K – $699K	109
$100K – $199K	230	$700K – $799K	51
$200 – $299K	330	$800K – $899K	58
$300K – $399K	324	$900K – $999K	38
$400K – $499K	217	> $1M	121
$500K – $599K	173

Distressed Property (Residential): Distressed = Bank Owned and Short Sales

Distressed property currently makes up 14% of the active inventory in the MLS and the sale of distressed property accounts for 31% of all residential property sales. Overall, the sale of properties listed as short sales rose 27% and the sale of bank owned properties declined 22%; however, total distressed property sales were down by 8% from 2010.

Seaside Report: Distressed Property Market Overview – Q4 2011

	Average	Median	Days On Market
Q4 11	$290,550	$205,000	225
Q3 11	$306,648	$239,950	231
% Change	-5.25%	-14.57%	-2.60%

Market Highlights – Sold Properties

Single Family Homes, January 1 – December 31, 2011

Duck continues to have the lowest percentage of distressed property sales, ending the year with a total of 22%
Hatteras Island has the largest percentage of distressed property sales with 55% of all sold single family homes being either bank owned or short sales
Although the Outer Banks had a slight decrease in single family homes sold for 2011 (1159 vs. 1193) the amount of sales over $1 million dollars increased. There were 46 homes sold for over $1 million this year compared with 39 last year. Of the 46 sold, 9 homes sold for over $2 Million (compared to 4 in 2010)
Distressed sales accounted for 37% of all residential (single family & condos) sales in 2011, which was the same as the previous year.

Outer Banks Vacation Rental Market
(Data Source: NAVIS GeoAnalytics)

Average Booking Window
Legend: 2011; 2012

This graph demonstrates the average number of days between booking and check-in date. This graph is summarized by month of booking, rather than month of stay.

For example, the reservations made at this time of year are about 170 days in advance of their check-in date. The takeaway message is that guests should book early for summer months in order to reserve the most desirable homes and weeks – about 170 days in advance at this time of year.

Seaside Report: Average Booking Window – January 2012

Seaside Report: Average Booking Window – YoY Variance – January 2012

Average Length of Stay
Legend: 2011; 2012

The Length of Stay graph illustrates the average number of days between check-in date and check-out date of reservations, summarized by check-in month.

As would be expected for the Outer Banks, the average stay is seven days + for the summer months and varies in the shoulder season. A strong takeaway here is that full weeks are a must for the summer months, but Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

Seaside Report: Average Length of Stay – January 2012

Seaside Report: Average Length of Stay – YoY Variance – January 2012

Average Stay Value
Legend: 2011; 2012

The Stay Value graph illustrates the average revenue actualized or projected for reservations, summarized by check-in month.

The clear message with this graph is that demand is high and supply is low during the summer months, and as a result, prices are driven higher during the summer months. As mentioned above, Spring and Fall offer great opportunities for shorter stays and discounted rates, while maintaining the great benefits of gorgeous weather, empty beaches, and ample attractions and activities.

Seaside Report: Average Stay Value – January 2012

Seaside Report: Average Stay Value – YoY Variance – January 2011

Bookings
Legend: 2011; 2012

The Bookings graph illustrates the number of reservations actualized or on the books, summarized by check-in month. This graph gives a good view of the “strength” of the reservations over the previous year. Reservations are up, which indicates that early reservations are wise and prices should remain constant. Although, at this point, July is slightly under-performing in comparison to 2011. This will be a trend to keep an eye on.

Seaside Report: Bookings – January 2012

Seaside Report: Bookings – YoY Variance – January 2012

Outer Banks Market Report

News about real estate values in the Outer Banks area